That's ridiculous with the IPO, canceled IPO, and fairly disingenuous explanation of said cancellation and new IPO on the horizon. However, I don't think that eMunie is a scam. I don't think either outright intend to be, the question is whether or not people might feel cheated afterwards.

The danger I see with eMunie is that very little information on the mechanical details has been released as far as I can tell, though I haven't gone sifting through the entire forum. eMunie might not be the protocol that some people imagine it to be. Regardless, I think the likelihood of it doing well for some time may be high. However, the closer the IPO gets (is there a new date set yet?) without the technical details of the protocol being explained in a legible format should raise the wariness of investors. It's investing into a black box.

Ethereum on the other hand has been more open about the details, however there is very little in code (afaik) and they are/were asking for a ridiculous amount of money to make a protocol that has a lot of buzzwords that sound like cool ideas, but will they have a real near-term impact? My intuition is doubtful on that. It doesn't help that there is not just the IPO, but also setting their organization up with control of a large percentage of the currency. I think the risk of people feeling cheated by Ethereum is much higher.